The total turnover (excluding block trading) on all market segments of the Ljubljana Stock Exchange (LJSE) in May 2005 amounted to SIT 8.0 billion. The turnover in May was therefore 51.9% lower than last year’s average. In comparison to May 2004, the total turnover decreased in size by SIT 9.0 billion (-52.8%).
In May 2005, shares of joint-stock companies amounted to 56.5% in the overall LJSE turnover structure. Bonds came second with a 22.2% share of the overall turnover structure, while investment funds shares followed, trading in the amount of 21.3% of total turnover. In the last month, shares of investment funds gained 6.1 percentage points in the overall turnover structure, with bonds gaining 1.5 percentage points. The structure of joint-stock companies’ shares decreased by 7.6 percentage points.
During the 21 trading days in May, a total of 21,204 transactions was concluded. On average, this amounts to 1,010 transactions per day, or rather 26.8% less than the average for last year. The average daily turnover in May amounted to SIT 381.7 million, which is 51.4% less than last year’s average.
Block trading
The LJSE members reported 127 block transactions in the total value of SIT 28.0 billion in May 2005. The total monthly turnover of registered block trades thus exceeded the BTS system turnover by SIT 19.9 billion. The average value of a single registered block transaction in May was SIT 220.1 million, while the average value of a transaction concluded through the BTS system amounted to SIT 378.100.
Indices
The SBI 20, the official market index, lost 2.3% of its value in May. It reached its monthly high on 3 May at 4,734 points, with its low coming on 23 May at 4,625 points. The index ended only six trading days on a positive note and ended the month on 4,627 points. In the last twelve months, the SBI 20 has grown by 4.8%.
The Investment Funds Index PIX, lost 2.7% of its value in May 2005. The index fell gradually through the course of the month, ending only seven trading days on a positive note. In the last twelve months, the index has gained 5.5% of its value and is the most profitable index on the LJSE in this period.
In May, the bond index BIO fell by 0.6%. The index finished the most number of days on a positive note (eleven) out of all the LJSE indices. In the last twelve months, the index has grown by 3.0%.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange prices of eight shares increased out of a total number of 26. Among the shares included in the SBI 20 index, the biggest growth was posted by shares of Kompas MTS, which increased in value by 9.8%. Furthermore, the shares of Zito (+4.1%) and Delo (+3.5%) also experienced an increase in value. On the other hand, the biggest fall in May was recorded by shares of Terme Catez (-5.2%), Intereuropa (-5.0%), Mercator (-4.8%) and Sava (-4.5%).
The annual comparison period shows that in the last twelve months, the prices of twelve shares on the official market increased during that period. Among the shares included in the SBI 20 index, the shares of the following companies recorded the biggest growth in the stated period: Sava (+50.8%), Merkur (+31.6%) and Aerodrom (+30.6%). Thirteen shares decreased in value. Among the SBI 20 shares, Zito and Istrabenz, losing 13.3% of their respective values, were the biggest losers. The shares of Pivovarna Lasko also lost in value (-5.3%).
Foreign investments
The net outflow of all non-residents' investments from the organised market in May 2005 totalled SIT 19.2 million. In May of last year, foreign investments outflow amounted to SIT 431.4 million. In May, foreign investors participated 2.1% share in the turnover structure of the organised market. The level of foreign ownership in shares of Slovene companies (according to the market capitalisation on the last day of the month) amounted to 4.0% at the end of May. Among the shares included in the SBI 20 index, the share of foreign investors' ownership increased most notably in Pivovarna Lasko (+3.4 percentage points) and Krka (+0.7 percentage points). On the other hand, the share of foreign investors' ownership decreased most notably in Istrabenz (-18.8 percentage points) and Gorenje (-0.4 percentage points).
Market capitalization
On 31 May 2005, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange amounted to SIT 3,078 billion. The highest participation in the market capitalisation was recorded by the shares of joint-stock companies (50.3%); they were followed by bonds (42.4%) and investment funds (7.3%). In the past month, the Stock Exchange market capitalisation decreased by SIT 53.2 billion. The decrease is a result of the exclusion of shares from trading on the LJSE, along with the fall in listed companies’ and investment funds’ share prices. The market capitalisation of listed companies’ therefore decreased by SIT 83.2 billion in the past month, while the market capitalisation of investment funds shares decreased by SIT 5.2 billion. The market capitalisation of bonds increased by SIT 35.3 billion due to admission of new bonds for trading on the market and due to an increase in the number of existing bonds.
Within one year, the market capitalisation of shares on the official market decreased from SIT 1,105.3 billion to SIT 1,102.1 billion (-0.3%). In the same period, the market capitalisation of shares on the free market increased by 7.4%, from SIT 415.4 billion to SIT 446.2 billion. On 31 May 2005, the market capitalisation of all shares on the LJSE, excluding investment funds, represented 25.0% of domestic GDP in 2004 (at current prices). Source: The Statistical Office of the Republic of Slovenia.
